The Portland daily press., 1887-02-16
XLIXth CONGRESS- SECOND SESSION.
SENATE.
WASHINGTON. Feb. /.

WASHINGTON, Feb. 10.
Mr.. Jones Of Nevada, from the committee
on finance, reported back the House amend
ments to the trade dollar bill, with a recon-
mendation that they be non-concurred in.
The amendments were non-concurred in,and
a conference appointed.
Mr.. Mitchell Of Oregon offered preamble
and resolution, reciting the provision of the
Thurman funding bill to the effect that If
either Of the Pacific railroad companies fails
for six months to perform its requirements,
such failure shall operate as forfeiture, and
directing the Attorney General to advise the
Senate whether the Union or Central Pacific
company has for period Of six months or
longer failed to perform its duty under that
law, and IL so whether any proceedings have
been instituted by the Attorney General for
the purpose Of iudicially enforcing the for,
FIXTURES Of all rights, privileges, grants and
franchises. Referred to the Judiciary COM
mittee.
On motion of Mr. Cameron, the bill to in
crease the naval establishment was taken up,
yeas 80, nays 15
Mr.. Hale offered an amendment that If the
speed of any Of the vessels shall exceed 20
knots an hour the contractor shall receive
$4,000 for every additional quarter knot,and
If it shall be less than 20 knots an hour there
shall be deducted from the contractor $4,000
for every quarter knot below 20 knots.
A long debate, without action, ensued, al
ter which the unfinished business" the
Eads' Tehuantepec bill, was presented by
tllC pACoiuiuB OlhOth anu bohCn uP AOA NOh-
Mr. Van Wyck offered an amendment that
no stock shall be issued until fullypaid for
in money at par value, and no bonds issued
until the full amount Of stock has been sub
scribed for and 30 per cent of 1t paid for.
Mr. Edmunds called Van Wyck's attention
to the facts that in the substitute offered by
Mr.. Vest and which was the real bill under
discussion, there was no provision for
stock. 1t was the most perfect, unique char
ter Of corporation he had ever seen. The
amount Of capital stock to be issued, and
everything else connected with the CORPORA
tion was left entirely to the discretion Of
Mr.. Eads and his associates, He did not be-
lieve that on the statute books Of any ciyiliz-
ed country on the globe such charter could
be found. In Ireland such corporation
would be called a Exiting" corporation, where
kite raised the wind instead of the wind
raising the kite. He believed that il the bill
referred to corporation for the District of
Columbia it would not get the vote of a sin
gle senator. He denied the constitutional
power Of Congress to create such corpora
tion. The company was to be purely Mex
ican company. Just as much so as if it were
of its stockholders and bondhold-
ers were citizens Of the Mexican
Republic. The only object OF the bill APP
peared to be to gull the company send of.
First that the bill was a clear case of usurpa-
tion Of power on the part Of Congress-. and
second that the creation of the corporation df
Congress had constitutional power was one
which was perfectly unique in the audacity
of its comforting powers on corporations
without any limitation except the will Of the
corporation itself. Hoar and Vest replied to
Edmunds in defence of the constitutional.
ity Of the project and in general advocacy of
1t. The question being on Van Wyck,s
amendment, he modified 1t so as to provide
that no certificates Of stock shall be issued
until the same shall be fully paid for In mon.
ey at its par value, that no bonds in excess OF
the amount Of capital paid in shall be au-
thorized. or until such capital shall amount
to $4,000, 200, and that no bonds shall be dis
posed Of at less than their par value.
Mr.. Sherman declared himself in favor OF
the bill The bill then went over till Thurs
day.
Mr.. Cameron gave notice that he would
take up the naval bill tomorrow.
Mr.. Blair gave notice that tomorrow at 3